Stifel Financial Corp Sells 31,781 Shares of CNB Financial Co. (NASDAQ:CCNE)

Stifel Financial Corp lowered its stake in shares of CNB Financial Co. (NASDAQ:CCNE) by 16.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 156,040 shares of the bank’s stock after selling 31,781 shares during the quarter. Stifel Financial Corp’s holdings in CNB Financial were worth $3,754,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Hotchkis & Wiley Capital Management LLC lifted its position in shares of CNB Financial by 0.3% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 143,790 shares of the bank’s stock valued at $3,460,000 after buying an additional 390 shares during the last quarter. PDT Partners LLC purchased a new stake in CNB Financial during the third quarter valued at approximately $221,000. Martingale Asset Management L P boosted its stake in CNB Financial by 1.6% in the third quarter. Martingale Asset Management L P now owns 62,534 shares of the bank’s stock valued at $1,505,000 after acquiring an additional 1,013 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new position in CNB Financial in the third quarter worth $640,000. Finally, Thrivent Financial for Lutherans grew its holdings in CNB Financial by 11.5% in the third quarter. Thrivent Financial for Lutherans now owns 46,851 shares of the bank’s stock worth $1,128,000 after purchasing an additional 4,850 shares during the last quarter. Hedge funds and other institutional investors own 52.35% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on CCNE. Keefe, Bruyette & Woods raised their price objective on CNB Financial from $27.00 to $30.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 4th. StockNews.com downgraded CNB Financial from a “buy” rating to a “hold” rating in a report on Wednesday, October 30th.

CNB Financial Trading Up 0.5 %

Shares of CNB Financial stock opened at $27.39 on Tuesday. The firm’s 50 day simple moving average is $26.59 and its two-hundred day simple moving average is $23.82. The firm has a market capitalization of $575.03 million, a price-to-earnings ratio of 11.71 and a beta of 0.70. CNB Financial Co. has a 12-month low of $17.74 and a 12-month high of $29.29. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 0.19.

CNB Financial (NASDAQ:CCNE) last released its earnings results on Monday, October 21st. The bank reported $0.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.04. CNB Financial had a return on equity of 10.13% and a net margin of 14.90%. The firm had revenue of $94.21 million for the quarter, compared to the consensus estimate of $55.40 million. Analysts predict that CNB Financial Co. will post 2.3 EPS for the current year.

CNB Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Friday, November 29th were paid a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 2.63%. The ex-dividend date was Friday, November 29th. CNB Financial’s payout ratio is 30.77%.

CNB Financial Company Profile

CNB Financial Corporation operates as the bank holding company for CNB Bank that provides a range of banking products and services for individual, business, governmental, and institutional customers. The company accepts checking, savings, and time deposit accounts; and offers real estate, commercial, industrial, residential, and consumer loans, as well as various other specialized financial services.